Wednesday, June 14, 2017

Wilpert & Black on Dodd-Frank repeal

I'm wondering if this is the Gregory Wilpert who wrote some articles on Integral World? Anyway, he and Bill Black discuss the bullshit reasons the Republicans are giving for rolling back the financial regulations that produced such economic growth and opportunity. The Republican BS is that the law is too complicated and thereby strangles small businesses and bank loans. In a clip Dem Representative Ellison quoted the facts that small businesses are doing quite well. And if loans aren't readily available that's due more to big banks wanting to speculate with the money instead of loaning it. So while the Dodd-Frank legislation is indeed incredibly complex it has nothing to do with the economy.

The real reason Republicans want to eliminate the legislation is that it contains the Consumer Financial Protection Agency, which has been effective in punishing big banks for their fraudulent behavior. The big banks also want the "get out of jail free" policy put back in place because they don't want to be responsible for their actions, said actions being blatant fraud. Sanders is right that their entire business model is based on fraud.